#575 – Jackson Anchor InitiativePosted on
Jackson Anchor Initiative
We have heard about a great project, the Jackson Anchor Initiative, underway in Jackson, Michigan, led by one of our loyal readers, Allan Hooper. The goal of the Initiative is to revitalize the struggling downtown in Jackson.
The Anchor Initiative strategy is based on the support of major companies (anchors) who participate because they need a vibrant urban place to attract and retain young talented workers. These companies are willing to make commitments and offer incentives that act as stimulants for developers to move forward with downtown revitalization projects. As an example, companies are offering their employees a $100/month rent incentive to live in the downtown area. This incentive has proved to be a catalyst for developers to build out new apartments. Similarly, businesses have made firm commitments to use room nights in a renovated downtown hotel – commitments that will cause this project to move forward. Finally, companies are willing to master lease apartments, for their business uses. And these “corporate-use” apartments are being used to kick start mixed use developments in strategic downtown buildings.
The project has been phenomenally successful, as over 100 new market rate apartments will be coming online in downtown Jackson by the end of 2017. There are only about 30 such apartments today.